- FG to Provide Indemnity for Lagos Trade Fair Complex Investor
The Federal Government is ready to provide indemnity for any core investor interested in the concession of the Lagos International Trade Fair Complex.
The Minister of Industry, Trade and Investment, Okechukwu Enelamah, said this at the commencement of a meeting for advisory services for the concession of the LITFC, according to a statement issued in Abuja on Monday by the Head of Public Communications, Bureau of Public Enterprises, Amina Othman.
The minister stated that the Federal Government was ready to provide indemnity to ensure that the re-concession of the complex was successful.
He was quoted to have said, “The Federal Government is prepared to provide indemnity to cover all the legal issues and other encumbrances on the LITFC.
“On behalf of the Federal Government and this ministry, I wish to note that it is important to always do the right thing as it is being done now on the Lagos International Trade Fair Complex by the professionals at the BPE.
“For the love of country and for professionalism, we support this development.”
The Director General, BPE, Mr Alex Okoh, said that the Federal Government was eager to promote private sector participation in the operation, management and maintenance of the trade fair complex.
He added that the government was also keen on ensuring that the complex was managed on a commercial basis to fulfil the underlying objectives of hosting annual international trade fairs, expos and exhibitions.
“This facility is a prime trade fair and convention complex with the potential to be one of the very best in Africa. It is located along the Lagos-Badagry Expressway, a major gateway into Nigeria from the West African coast, and has abundant land for further development,” Okoh stated.
The BPE boss said the objective of the advisory consultancy was to advise and assist the bureau in identifying and engaging a credible private sector concessionaire for the Lagos International Trade Fair Complex, adding that the prospective concessionaire must be experienced local or international operator with the technical and financial capacities.
Okoh noted that the scope of work to be undertaken by the transaction advisers, Feedback Infrastructure Services Consortium, would include the provision of an inception report and due diligence review on the complex.
The National Council on Privatisation had at its meeting on August 22, 2017 revoked the agreement that the Federal Government had signed with Aulic Nigeria Limited in 2008 for the concession of the LITFC.
